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Global Fintech Series
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AP Automation Adoption: The Productivity Paradox
- Despite the benefits of AP automation, many organizations remain hesitant to adopt this transformative technology.
- Manual AP processes are overwhelming and create bottlenecks, hampering the company's ability to seize new opportunities.
- The cost of processing an invoice is an average of $15.40 in the US, not including labor time and processing cost.
- Automation offers a clear path to increased efficiency, cost savings, and improved decision-making.
- Organizations who embrace automation see an average 26% reduction in invoice processing time.
- AP automation can reduce processing time, improve accuracy, and enhance overall efficiency.
- Organizations must adopt a strategic and data-driven approach to overcome budget constraints, resistance to change, and lack of IT resources.
- Fostering collaboration between finance and IT departments can help ensure a smooth implementation process for AP automation.
- By proactively addressing adoption challenges, organizations can drive significant improvements in efficiency, accuracy, and cost savings.
- Implementation of AP automation can unlock productivity, data accuracy, fraud risk reduction, cost savings, and cash flow optimization.
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